Bill Encourages Individuals, Farmers, Industry to Promote Efforts to Capture Carbon and Promote Conservation Washington, DC - Today, on the 38th Anniversary of Earth Day, Congressman Leonard Boswell introduced legislation that would encourage individuals to take proactive steps towards combating global warming. The Combating Climate Change Through Individual Action Act would provide tax credits to taxpayers who plant specific trees or plants intended to capture increased amounts of carbon dioxide, employ land management practices that trap carbon dioxide in the soil, or who convert cropland to timber, rangeland, grassland or pasture.
"Everyone can do their part to combat global warming," said Boswell. "This legislation encourages people to act, and gives individuals, farmers, and industry the tools to promote a healthier tomorrow." The legislation would:
- Create a tax credit for taxpayers for 10 percent of expenditures associated with the purchase and planting of trees, plants, shrubs, or bushes which are quick-growing, appropriate for the region of the country which it is planted, and found most effective in capture carbon dioxide. This credit not only encourages individuals to plant more trees, plants, and shrubs but also promotes businesses and homebuilders to develop green projects.
- Create a tax credit for agricultural producers for 30 percent of expenditures associated with land management practices or a per acre basis for those land management practices which are found to effectively capture carbon dioxide (i.e. conservation tillage).
- Create a tax credit for agricultural land owners on a per acre basis who convert cropland to pasture, grassland, rangeland or forestland.
Credit limits of $5,000 for individuals and $50,000 for businesses for each taxable year are established in the bill. "Planting more trees, along with good land management practices means cleaner, healthier environments," added Boswell. "As a nation, we must do all we can to encourage these activities."